Stablecoins to $4 Trillion? Chainlink Founder Sergey Nazarov On Future Of Finance

Watch on YouTube ↗  |  September 29, 2025 at 04:50  |  40:46  |  The David Lin Report
Speakers
Sergey Nazarov — Co-founder, Chainlink Labs
Larry Fink — CEO, BlackRock
David Lin — Founder & Host, The David Lin Report / ex-Anchor, Kitco News

Summary

David Lin interviews Chainlink co-founder Sergey Nazarov about how Fed easing, deglobalization, stablecoins, tokenization, and blockchain infrastructure are reshaping finance. Nazarov argues DeFi yields and stablecoin growth will drive demand for US Treasuries and support the dollar, while tokenization of real-world assets and Chainlink's oracle infrastructure become central to institutional adoption. The discussion also covers stablecoin regulation, bank tokenized deposits, Chainlink partnerships, the market structure bill, and geopolitical implications of on-chain finance. A sponsor segment highlights Upexi's Solana treasury.

  • Fed cuts and DeFi yields: DeFi offers 5–14% dollar yields; TVL is at records and could grow past $1 trillion.
  • Stablecoins: projected to grow from hundreds of billions to $1–4 trillion; GENIUS Act favors Treasury-backed stablecoins.
  • Treasury and dollar: stablecoin growth could increase demand for US Treasuries and reinforce the dollar's safe-haven perception.
  • Tokenization: cash, equities, commodities, and funds moving on-chain; benefits include 24/7 trading and collateral use.
  • Chainlink: positioned as institutional oracle infrastructure with $25T+ transaction value and major partnerships.
  • Regulation: market structure bill seen as next major crypto and tokenization catalyst.
  • Banking and geopolitics: tokenized deposits are moving into production, while the US is urged to capture crypto market share.
  • Sponsor: Upexi is highlighted for its Solana treasury and staking yield.
Ideas
Sergey Nazarov Co-founder, Chainlink Labs 0:07
Stablecoin market projected to reach trillions.
Stablecoins are growing from hundreds of billions to projections of $1–4 trillion. Both reserve-backed and algorithmic stablecoins are expanding: the GENIUS Act encourages Treasury-backed stablecoins, while algorithmic stablecoins use delta-neutral strategies and still need collateral. Stablecoins are already a top-20 holder of US Treasuries and will keep eating more of that market; a larger stablecoin market also makes it easier to sell real-world assets on-chain.
STABLECOINS HIGH
Sergey Nazarov Co-founder, Chainlink Labs 0:08
Stablecoins drive net new Treasury demand.
Stablecoin growth should create a huge surge in net new US Treasury purchases, initially via existing Treasuries supplied as collateral and then through banks and custodians buying more. This demand is gradual but diversifies Treasury ownership away from foreign governments toward global consumers, reducing vulnerability to a single country dumping Treasuries. Stablecoins as a group were already the 18th largest holder, above Japan and below Germany.
TLT HIGH
Sergey Nazarov Co-founder, Chainlink Labs 1:57
DeFi yields attract assets, TVL to grow.
DeFi yields on US dollars remain far above traditional rates (roughly 5–14% depending on protocol and looping) because of demand for dollars in DeFi. Even as the Fed cuts rates, that yield gap and lower access friction should attract more assets. DeFi TVL is already at record levels around $360–386 billion and could grow past $500 billion and eventually $1 trillion.
DEFI HIGH
Sergey Nazarov Co-founder, Chainlink Labs 7:03
Monetary and trade policy both favor crypto.
Both monetary policy and trade policy are pro-crypto: money printing and cheap money flowed into crypto and drove institutional adoption, while deglobalization and trade policy make crypto, stablecoins, and real-world digital assets more useful as alternative rails because existing systems become harder to use. These forces should support crypto, blockchain, RWA, and stablecoin adoption.
BITO HIGH
David Lin Founder & Host, The David Lin Report / ex-Anchor, Kitco News 7:46
Upexi offers public Solana treasury exposure.
Upexi is a NASDAQ-listed company with one of the largest public-company Solana treasuries, holding over $447 million in Solana and generating about $105,000 per day in staking rewards; it is also backing Alpha Exchange. It offers a publicly traded way to get exposure to Solana’s momentum and is worth watching.
UPXI MED
Sergey Nazarov Co-founder, Chainlink Labs 12:53
Stablecoins strengthen dollar safe-haven perception.
Stablecoins put US dollars in more global hands, supporting the perception of the dollar as stable, safe-haven, and high-value. That perception is what the dollar needs most, and more global savings in dollars should reinforce the dollar’s reserve-currency status.
USD MED
Sergey Nazarov Co-founder, Chainlink Labs 16:48
Tokenization of assets is inevitable and beneficial.
Tokenization of cash, equities, commodities, and funds is an inevitable reformatting of the global financial system. Tokenized versions offer 24/7/365 trading, better collateral management, clearing and settlement efficiencies, automated compliance, and identity/data capabilities that traditional assets lack. The US can gain global financial-market share if it tokenizes faster and better than other economies.
Tokenized real-world assets Tokenized Equities Tokenized commodities Tokenized funds HIGH
Sergey Nazarov Co-founder, Chainlink Labs 19:36
Chainlink is key infrastructure for tokenization.
Chainlink is positioned as critical infrastructure for institutional tokenization. It has enabled over $25 trillion in transaction value, has been in production for more than five years, and is the only system providing cross-chain connectivity, identity, reliable valuation data, regulatory compliance, and accounting/books-and-records capabilities in one stack. Its work with Swift, UBS, the US Commerce Department, central banks, and large institutions supports adoption.
LINK HIGH
Larry Fink CEO, BlackRock 29:37
Ethereum ETF is valuable tokenization step.
He sees value in having an Ethereum ETF and views such products as stepping stones toward tokenization, which he believes is where the financial system is going; the technology to tokenize already exists.
ETH MED
Up Next
30:40
Inside the GLP-1 Gold Rush: Eli Lilly CEO on New Breakthroughs, Addiction & Mental Health, Pricing
All-In Podcast · Sep 29
31:15
China Controls 80% of Batteries: Can North America Catch Up?
The David Lin Report · Sep 28
55:25
How High Will Gold Price Go In 2025? Investors Face Greatest Risks Since 1941 | Jeff Christian
The David Lin Report · Sep 27
1:23:48
H-1B Shakeup, Kimmel Apology, Autism Causes, California Hate Speech Law
All-In Podcast · Sep 27
41:03
Employment Crisis Deepens: How Will Markets Respond? | Adam Kobeissi
The David Lin Report · Sep 26

This The David Lin Report video, published September 29, 2025, features Sergey Nazarov, David Lin, Larry Fink discussing STABLECOINS, TLT, DEFI, BITO, UPXI, USD, Tokenized real-world assets, Tokenized Equities, Tokenized commodities, Tokenized funds, LINK, ETH. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Sergey Nazarov, David Lin, Larry Fink  · Tickers: STABLECOINS, TLT, DEFI, BITO, UPXI, USD, Tokenized real-world assets, Tokenized Equities, Tokenized commodities, Tokenized funds, LINK, ETH